Daiei Inc. received approval from shareholders Wednesday to adopt a rehabilitation program mapped out by the Industrial Revitalization Corp. of Japan that features a 592.4 billion yen aid package.
The green light for the package was given at the day's extraordinary shareholders' meeting held in Kobe.
With the approval, the moribund supermarket chain will start implementing the program under the supervision of the the state-backed corporate bailout agency and the sponsorship of trading house Marubeni Corp. and Japanese investment fund Advantage Partners Inc.